Commenting on the results, ESPC Chief Executive Malcolm Cannon said, “Home Reports were a concept created during the period of high activity and rising prices in the property market. Coincidentally, their arrival coincided with a rapid slow down and contraction in the number of homes up for sale.
“Our research with buyers has shown that whilst most find it a helpful document, it is not a ‘must have’. Plus a third of respondents had an additional survey completed either on request of their lender or of their own choice.
“Sellers, who pay for the Home Report, were much more negative with 65% describing the document as not helpful to them as a seller.
“Unprompted, respondents recommended changes to improve Home Reports. 43% suggested content changes and 31% were of the view that the best way to improve the Home Report would be to scrap them.
“With such strong opinions, ESPC would like to see a broad group of stakeholders brought together to identify how the Home Report can be a stronger contributor to a healthy property market”.
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